11 hours ago | 2 minutes reading
Market news
After a long bearish run, the crypto market is currently experiencing a bullish trend. The mainstream cryptocurrencies are exhibiting a greenish trading pattern as investors have started buying tokens. Since the market crashed, investors and whales have started buying potential crypto assets to make more profit in the future. During the dip, whales started storing a huge amount of strong cryptocurrencies in their wallets.
The crypto market witnessed many transactions of mainstream cryptocurrencies from one wallet to another wallet. Major assets like BTC, ETH, XRP, SHIB and a few more have been shifted and stored in unknown wallets. This process of moving and storing crypto assets has become routine when the market is in a slump.
It is noteworthy that whale activities have increased and more anonymous transactions are being made. Whale Alert is a blockchain monitoring and analytics system that uses a Twitter account to broadcast important transactions as they happen. According to Whale Alert, more than 25 million XLM tokens were transferred from Nexo to an unknown wallet on March 22.
Why no other regular tokens?
Stellar is a decentralized open source low-cost digital currency protocol for fiat money transfers that allows cross-border transactions between two currencies. The ecosystem’s original token is Stellar Lumen (XLM), one of the best-performing altcoins of the past five years. Its market cap value is just over $5 billion and ranks 31st in the industry by market cap.
By the way, the difference Stellar has made is huge and more functions have been integrated. The ecosystem is very active and looking for new implementation, so ideally the value of the XLM token is expected to increase. With this in mind, whales have targeted XLM tokens to store in their wallets. Interestingly, over $5 million worth of XLM tokens is being transferred from Nexo to an unknown wallet. At the time of writing, XLM was trading at $0.20, which is up 5.38% in the last 24 hours.
